Landore Resources Ltd (LON:LND) has conditionally raised gross proceeds of £2.8mln through a placing of 414mln shares at a price of 0.675p. The discount was 7.53% to the closing mid-market price on 26 June 2020.
The placing shares will represent 23% of the company's share capital. Holders of the placing shares will also be issued one warrant to subscribe for one share.
The net proceeds will allow Landore to complete 3,400 metres of exploration drilling to follow up on identified gold targets on its projects in Canada. The company will also do, 7,600 metres of resource infill and extension drilling, 3,000 metres of depth potential drilling, and infill soil sampling from Felix Lake to the BAM Gold Project to include ground geophysics and soil sampling.
As a result of the ongoing coronavirus pandemic, the company and its auditors have experienced delays to certain processes required to enable the finalisation of the Company's audited accounts for the year ended 31 December 2019.
The company has applied for and been granted an extension to the reporting deadline for publishing the 2019 accounts.
These are now expected by no later than 30 September 2020.